US STOCKS-Wall St rises, Nasdaq boosted by Internet names
* Yelp shares rally on results, boosting Internet names
* Textron and Cardinal Health fall after results
* AT&T approached DirecTV about possible acquisition: WSJ
* Dow flat, S&P 500 up 0.1 pct, Nasdaq up 0.6 pct (Updates to midday trading)
By Ryan Vlastelica
NEW YORK, May 1 (Reuters) - U.S. stocks rose on Tuesday, shrugging off early losses as the Nasdaq advanced alongside Internet names, which were boosted by strong results from Yelp.
Equities had opened mildly lower, with investors finding few reasons to keep chasing gains following a record close in the Dow on Wednesday. Some disappointing quarterly results, including from Cardinal Health and Textron, also limited gains.
Yelp Inc jumped 13.8 percent to $66.35 a day after reporting strong revenue growth. The results lifted Internet names, which have slumped recently on concerns that they, along with biotech "momentum" names, were overvalued. Netflix Inc rose 6 percent to $341.54 while TripAdvisor Inc added 4.1 percent to $84.07 and Facebook Inc was up 3.3 percent to $61.76.
"Yelp is rocking today, and when you have a group that has been beaten up over the past month, along with a market that is setting new highs, that's a cue for momentum players to come back into the market," said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio. "Internet is the place to be today." Continuación...